People move to Riverside, CA to get away from inclement weather up north, to start up a business, to invest in real estate, or to enjoy sailing, boating, or spend their spare time fishing. Traditional lending companies do offer mortgages but the approval process is lengthy.
By the time you are approved, your property has already been sold. With a hard loan in Riverside, the approval time is short. Riverside loans are available for you with less hassle than a conventional lending institution.
Types of Properties Hard Money Lenders Help You Finance
By and large, a hard money lender in Riverside finances different property types such as residential, industrial, and commercial properties. They may be interested in knowing how an already existing business is doing, of course, so be cautious when purchasing a business, no matter what type it is.
- Residential hard money loans finance homes that you and your family will live in, or a home, apartment complex, or condo that is rented out. It may be an entire community, either single-family residences or multi-family residences that are used as an investment.
- Industrial properties may be warehouses in which a business owner stores food that is delivered to restaurants or additional storage space for a retail business.
- Commercial hard money lenders finance properties such as medical, educational, motels and hotels, or retail businesses.
The Approval Process for a Hard Money Loan
Hard money lenders in Riverside offer clients easy ways to apply for financing that takes a fraction of the time that a conventional lender takes, so if you worry about the property you are interested in purchasing being sold out from under you, consider filling out an application.
You will need information about the property you’re purchasing because a hard money lender uses it for collateral. They don’t typically check your credit score but they do want to know how much money you have for a down payment. The loans are mostly short-term loans that can be used in place of a traditional mortgage, or they can be used to refinance an existing loan.
A hard money lender will be concerned about how much equity you have in the property. They will inspect the property, and they will be interested in your history as an investor. Are you a veteran with years of experience or are you just getting your feet wet? As part of the application process, you will need a list of your assets and liabilities in addition to information about the property you are purchasing.
Interest Rates and Fees for Hard Money Loans
What does it cost to obtain a hard money loan in Riverside? Interest rates and loan fees vary of course, as do the amount of money they would like for a down payment. Most pros suggest going to a local lender so this is where you may want to begin when you’re doing your research.
Often Riverside loans charge anywhere from 7.99% to 9 or 10% interest and most lenders charge 1.75 points in lender fees. A hard money loan in Riverside may require anywhere from 10 to 50% of the loan amount for a down payment. They charge no penalty fees if you pay your loan early.
Ways to Pay off a Hard Money Loan
Investors often purchase an income property and resell it for a profit. This is one way to pay off a hard money loan. Another investor may choose to refinance his income property and use the money to purchase another investment property. There are also investors and private homeowners who go to a bank or a mortgage company and borrow the money to pay off the balance on their hard money loan. The good news is, it isn’t hard to get a hard money loan once you get your foot in the door.
Riverside lenders don’t check your credit score, they don’t check to see if you have a previous bankruptcy, they don’t check to see if you have foreclosed on a home or business in the past. They want to help, they can be trusted.
Riverside Lenders Must be Licensed
Under California’s state and federal government laws, residential, commercial, and industrial hard money lenders must follow all regulations in order to legally lend money to their clients. The appropriate licenses must be maintained throughout the time their business is open to the public.
Riverside lenders are rated high with the Better Business Bureau, and Google’s ratings also remain high on the charts. Riverside lenders can be trusted so you don’t have to worry, but it is advised by professionals that you do your research before choosing your hard money lender.
Recent Deals in Riverside, California
- Temecula Cash Out Loan is a refinance loan that gave the borrower the opportunity to secure $37,000 to help refinance the loan held on the private single-family property.
- Wildomar Bridge Loan is a $300,000 loan on a single-family home.
- Murrieta Bridge Loan also gave the borrower the opportunity to purchase a single-family property for $125,000.
- Temecula Refinance Loan helped the borrower refinance a hard money loan. The borrower secured the loan with a residential condominium.
- Palm Springs Bridge Loan for $615,000 was secured to purchase a residential property. The borrower used it to purchase a new residence, and another bridge loan was taken out against a previously privately-owned residence that was used as both equity and for a down payment.
Within a week or two you may be approved for a Riverside loan. Closing the deal follows closely behind. You now own an investment property that adds value to your portfolio. Without the professional expertise of a Riverside hard money loan, you may be caught up in a scam that could put your entire livelihood at stake. Be sure to choose your lender wisely.
Cities Nearby in Winchester County:
- Aguanga
- Anza
- Banning
- Beaumont
- Blythe
- Cabazon
- Calimesa
- Cathedral City
- Coachella
- Corona
- Desert Center
- Desert Hot Springs
- Hemet
- Homeland
- Idyllwild
- Indian Wells
- Indio
- La Quinta
- Lake Elsinore
- March Air Reserve Base
- Mecca
- Menifee
- Mira Loma
- Moreno Valley
- Mountain Center
- Murrieta
- Norco
- North Palm Springs
- Nuevo
- Palm Desert
- Palm Springs
- Perris
- Rancho Mirage
- San Jacinto
- Sun City
- Temecula
- Thermal
- Thousand Palms
- White Water
- Wildomar
- Winchester
